Do not keep health insurance at bay

DNMUM422294 | 9/15/2018 | Author : Amit Srivastava | WC :360

DNA In-Depth
At a time when medical costs are increasing by the day, a report by Praja Foundation on the state of health in city revealed that more than 70 per cent of the city’s population do not have insurance. Families across socio-economic classes are spending around 10 per cent of their annual income on health. The situation is alarming for families falling under the lower income group as they, at some stage, cannot meet medical expenses. Financial planners believe that at a micro level, planning affects every aspect of personal finance, be it life insurance or health insurance.Anil Rego, CEO at Right Horizons says, people opt for vehicle insurance without a second thought. But, when it comes to health insurance, they hardly payRead full story

any heed.At a time when life expectancy is becoming high, it is not necessary that health will always be good. “Medical expenses have become too high and even in one or two days hospital bills can go beyond affordable,” said Rego, adding that in such cases, health insurance becomes need of the hour. However, he added that the way life insurance is promoted, health insurance is not given much importance, and this is one of the reasons why people do not opt for it. Another reason why few people opt for health insurance is the tendency among salaried people having group insurance, offered by their companies, not going for a separate insurance cover. “Hardly five per cent people having group health insurance go for separate insurance cover,” said Rego.Suresh Sadagopan, founder of Ladder7 Financial Advisories, said that health insurance is a must for everyone. He said that many people think they will not fall ill. “People at 30 or 35 think that they do not need it as they can manage with their present source of income. However, at 40 or above their health condition may not be the same and the need arises then,” said Sadagopan. “It is necessary for people to declare health conditions honestly to get maximum benefits,” said Sadagopan. Most financial planners said that health insurance requires only a small amount but is extremely useful during emergencies.

More on Mumbai

While the Brihanmumbai Municipal Corporation (BMC) has been finalising the pedestrian policy over the last two years and recently, declared the concretisation of footpaths by replacing paver blocks, a list of guidelines set by the Indian Road Congres

Mumbai’s Lower Parel area has emerged as a business district in the last decade. More and more skyscrapers and corporate offices were developed in the suburbs and hence, the floating population rose manifold. Although the city witnesses a lot of deve

After nearly 15 years, the Bombay High Court quashed and set aside a criminal prosecution initiated against a Khar-based housing society member by the municipal corporation over allegedly using his house for commercial use.Justice Mridula Bhatka

More than 200 industrial organisations across Maharashtra are meeting for the first time on January 28 to protest against higher electricity tariff charged by the state distribution company (MahaVitaran) and decide on the next course of action. Indus